(1) Each county allocated volume cap in accordance with this
article shall submit a preliminary certification to the Governor
that includes:

(A) The amount of volume cap the county intends to use;

(B) The entity issuing each series of recovery zone bonds. If
the county has suballocated volume cap to an entity, the
certification shall include a copy of an order, ordinance or
resolution of the county commission authorizing the suballocation;

(C) The projects, including, but not limited to, road
transportation projects, to be financed by the issuance of each
series of recovery zone bonds; and

(D) The financing plan for each series of recovery zone bonds,
including the source of payment of the debt service of each series
of recovery zone bonds.

(2) Preliminary certifications for recovery zone economic
development bonds shall be submitted to the Governor on or before
January 31, 2010.

(3) Preliminary certifications for recovery zone facility
bonds shall be submitted to the Governor on or before February 28,
2010.

(4) Any portion of volume cap allocated to a county that is
not certified for use by the county in accordance with this
subsection is considered waived.

(5) A county may waive its allocation of volume cap by
providing written notice of such waiver to the Governor on or
before January 31, 2010, in the case of volume cap for recovery
zone economic development bonds, or on or before February 28, 2010,
in the case of volume cap for recovery zone facility bonds.

(b) Final certification. --

(1) Each county that has submitted a preliminary certification
to the Governor shall submit a final certification to the Governor
on or before July 31, 2010. The final certification shall
establish: (i) That the county or other entity receiving a
suballocation from the county has closed on each series of recovery
zone bonds or has entered into a bond purchase agreement that
requires closing on each series of recovery zone bonds prior to
August 31, 2010; and (ii) the amount of volume cap used by the
county.

(2) Any portion of volume cap allocated to a county that is
not certified as used in accordance with this subsection is
considered waived. However, if an entity receiving a suballocation
from a county submits a timely certification pursuant to section
five of this article, that suballocated portion of the county's
volume cap is not considered waived.

(3) If, after submitting a preliminary certification to the
Governor, a county determines to waive any portion of its
allocation of volume cap, it may waive its allocation of such
portion by notifying the Governor in writing on or before July 31, 2010.

(c) Notice of waiver. -- The Governor shall provide timely
written notice to the Economic Development Authority of any written
volume cap waiver submitted by a county.

Note: WV Code updated with legislation passed through the 2016 Regular Session
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